CNBC reported that GM plans to pay its CEO Dan Akerson an $11.1-million compensation package for 2013, with $2.1 million more compared with last year.
The company made the official announcement a day before the U.S. House Oversight and Government Reform Committee hearing which looked into whether the US Treasury has allowed executives at companies helped by the troubled Asset Relief Program to receive excessive payments. GM alone received an aid of $49.5 billion to avoid bankruptcy in 2008 and 2009.
One of the conditions for GM and Ally Financial bailouts is that the government must approve executive pay. Last year Dan Akerson received a compensation of $9 million, the same as in the previous year, which included stock valued at $7.3 million and $1.7 million in cash. Ford’s CEO Alan Mulally received $29.5 million in 2011, while Fiat and Chrysler CEO Sergio Marchionne received a combined $22.2 million from Fiat and Fiat Industrial.
“As a general matter, the Office of Special Master does not comment on individual company proposals,” a Treasury Department spokesperson said. “But I would note that just because a company makes a particular proposal does not mean it will ultimately be approved.”